No Regulation

Score

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/10

LOOPRING

United Kingdom

|

5-10 years

Suspicious Regulatory License|

Medium potential risk|

Subsidiary LOOPRING

https://loopring.io/trade/作废

Website

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Influence

A

Influence Index NO.1

United States 4.14

Better than 97.64% exchange(s)

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No effective regulatory information has been founded yet, please pay attention to the risks!

Exchange Info

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Company Name
LOOPRING
Phone of the company
(+86)15510563226
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Customer Service Email Address
exchange@loopring.io

WikiBit Risk Alerts

1
Previous Detection 2024-03-28

It has been verified that this Exchange currently has no valid regulation, please be aware of the risk!

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Aspect Information
Company Name OOPRING
Registered Country/Area Singapore
Founded Year 2017
Regulatory Authority Unregulated
Number of Cryptocurrencies Available Over 100
Fees 0%-0.2%
Payment Methods Cryptocurrencies, FIAT currencies
Customer Support 24/7 live chat, Email

Overview of LOOPRING

LOOPRING is a Singapore-based virtual currency exchange company that was founded in 2017. The exchange offers a wide range of cryptocurrencies, with over 100 options available for trading. Customers can conveniently trade using LOOPRING's platform, which charges a 0.1% fee per transaction. The exchange supports both cryptocurrencies and fiat currencies as payment methods. LOOPRING provides customer support services 24/7, with live chat and email options for assistance. Overall, LOOPRING offers a reliable and accessible platform for individuals seeking to engage in virtual currency exchange.

Overview of LOOPRING

Pros and cons

Pros Cons
Wide range of cryptocurrencies available No regulation
Supports both cryptocurrencies and fiat currencies Limited information about security measures
24/7 customer support

Pros:

- Wide range of cryptocurrencies available: LOOPRING offers over 100 cryptocurrencies for trading, providing users with ample options to diversify their portfolios and engage in various trading opportunities.

- Supports both cryptocurrencies and fiat currencies: The exchange allows users to trade using both cryptocurrencies and fiat currencies, offering greater convenience and flexibility in transactions.

- 24/7 customer support: LOOPRING provides round-the-clock customer support through live chat and email, ensuring that users can receive assistance whenever they need it.

Cons:

- No regulation: It has been verified that this Exchange currently has no valid regulation, please be aware of the risk.

- Limited information about security measures: LOOPRING does not provide extensive details about the security measures it has in place, which may raise concerns for users who prioritize the safety of their digital assets.

Pros and cons

Regulatory Authority

LOOPRING is not regulated by any regulatory authority, which may raise concerns about the transparency and oversight of the exchange. As a result, the regulatory situation of MEXC remains unclear, potentially exposing users to risks associated with unregulated exchanges.

Security

It is advisable for traders to prioritize security when choosing a virtual currency exchange. They should ensure that the exchange has implemented robust security protocols, such as two-factor authentication and cold storage for digital assets.

Cryptocurrencies Available

LOOPRING offers a wide range of cryptocurrencies for trading on its platform. With over 100 options available, users can engage in various trading opportunities and diversify their portfolios.

Apart from cryptocurrency trading, LOOPRING primarily focuses on providing a reliable and accessible platform for virtual currency exchange. It supports both cryptocurrencies and fiat currencies as payment methods, offering greater convenience and flexibility in transactions.

How to open an account?

All you need to register an account is an Ethereum address. Registering an account means your Ethereum address is tied to a “slot” (Account ID) in the off-chain account system (the Merkle tree). This takes one on-chain transaction, and so that means paying a gas fee on Ethereum, and waiting for the transaction to be confirmed. Then it takes 5–30 minutes longer for the account to be created on the zkRollup, and reflected on your interface

How to open an account?

Fee

Loopring Exchange charges fees per service type. Each service has a flat-fee and a percentage fee. For the percentage fee, there is a minimum-fee applied, so if the percentage does not hit the minimum, the minimum fee is in effect. The actual fee charged for a service is flat_fee + max(minimum_fee, percentage_fee * volume).

All users share the same flat-fees and minimum-fees, but VIPs have different percentage fee settings.

The following is a section of the table regarding fee:

Service Flat-Fee Minimum-Fee Normal User VIP1 VIP2 VIP3 VIP4
Stablecoin orderbook trade [0] - maker:0, taker:2,750 GAS [2] maker:-0.02%, taker:0.04% maker:-0.02%, taker:0.04% maker:-0.02%, taker:0.04% maker:-0.02%, taker:0.04% maker:-0.02%, taker:0.04%
Other orderbook trade [0] - maker:0, taker:2,750 GAS [2] maker:-0.02%, taker:0.30% maker:-0.02%, taker:0.25% maker:-0.02%, taker:0.20% maker:-0.02%, taker:0.15% maker:-0.02%, taker:0.10%
AMM swap - 2,750 GAS [2] 0.10% + 0.20%(liquidity provision fees) 0.10% + 0.20%(liquidity provision fees) 0.10% + 0.20%(liquidity provision fees) 0.10% + 0.20%(liquidity provision fees) 0.10% + 0.20%(liquidity provision fees)
AMM exit 100,650 GAS [3] - - - - - -
AMM join 100,650 GAS [3][4] - - - - - -
L2-to-L2 transfer 700 GAS [3] - - - - - -
L1-to-L2 transfer (Deposit) - - - - - - -
L2-to-L1 transfer (Withdrawal) 45,050 GAS [3] - - - - - -
L2-to-L1 forced transfer (Forced Withdrawal) 0.02 ETH - - - - - -
L2-to-L1 fast transfer (Fast Withdrawal) [1] - 145,050 GAS [3] 0.50% 0.50% 0.50% 0.50% 0.50%
Submit order - - - - - - -
Cancel order - - - - - - -
Set L2 EdDSA key [2] 16,050 GAS [3] - - - - - -

Payment Methods

LOOPRING supports both cryptocurrencies and fiat currencies as payment methods. This means that users can make deposits and withdrawals using various cryptocurrencies or traditional fiat currencies. The processing time for transactions on LOOPRING may vary depending on the payment method chosen and external factors such as network congestion. It is advisable for users to check the specific processing times and any associated fees on the LOOPRING platform for the most accurate and up-to-date information.

Educational Resources

LOOPRING provides educational resources and tools to assist users in navigating the world of virtual currency. The platform offers a comprehensive knowledge base or FAQ section where users can find information about various aspects of trading and using LOOPRING's services. Additionally, LOOPRING may provide tutorials or guides on topics such as setting up an account, making transactions, and securing digital assets. These resources aim to empower users with the knowledge and tools needed to make informed decisions and safely navigate the virtual currency exchange landscape.

Is LOOPRING a Good Exchange for You?

When analyzing the trading groups suitable for LOOPRING, it is important to consider the platform's features and target audience.

1. Experienced Traders: LOOPRING can be a suitable choice for experienced traders due to its wide range of available cryptocurrencies and the flexibility to trade using both cryptocurrencies and fiat currencies. Experienced traders who are looking for diverse trading opportunities and the convenience of multiple payment methods may find LOOPRING appealing.

2. Active Traders: LOOPRING's 24/7 customer support and user-friendly platform can make it a good fit for active traders who require timely assistance and value a seamless trading experience. The availability of live chat and email support can be beneficial for traders who engage in frequent trades and need prompt responses to their queries or concerns.

Is LOOPRING a Good Exchange for You?

Conclusion

In conclusion, LOOPRING is a virtual currency exchange that offers a wide range of cryptocurrencies for trading, along with the option to trade using both cryptocurrencies and fiat currencies. It provides round-the-clock customer support, ensuring users can receive assistance whenever they need it. However, LOOPRING has no valid regulation, please be aware of the risk! And it is important to note that limited information is available about the security measures implemented by LOOPRING. Overall, traders should carefully consider the pros and cons outlined in this article to make informed decisions about whether LOOPRING is the right virtual currency exchange for their needs.

Conclusion

FAQs

Q: How long does it take to process transactions on LOOPRING?

A: The processing time for transactions on LOOPRING may vary depending on the payment method chosen and external factors such as network congestion.

Q: Can I trade using both cryptocurrencies and fiat currencies on LOOPRING?

A: Yes, LOOPRING supports both cryptocurrencies and fiat currencies as payment methods.

Q: How can I contact LOOPRING for customer support?

A: LOOPRING provides 24/7 customer support through live chat and email. Users can reach out to the support team for assistance with any inquiries or issues they may encounter.

Q: My deposit or withdrawal is taking a long time to process, whats happening?

A: To get on or off the Loopring platform (zkRollup environment), your deposits and withdrawals must interact with Ethereum blockchain, which can be subject to congestion.

User Review

User 1: I've been using LOOPRING for a while now, and I must say, I feel confident about the security measures they have in place. The two-factor authentication adds an extra layer of protection, and the option for cold storage gives me peace of mind knowing my digital assets are safe. However, I do wish they provided more information about their security protocols. On the bright side, their customer support is top-notch. Whenever I had a question or issue, they were quick to respond and resolve it. The trading fees can be a bit high, but the wide range of cryptocurrencies available and the flexibility to trade using both crypto and fiat currencies make up for it. Overall, a reliable exchange with good customer support and security measures.

User 2: My experience with LOOPRING has been mixed. On one hand, the registration process was simple and straightforward. I appreciate the option to trade using both cryptocurrencies and fiat currencies, as it offers more flexibility. However, the lack of regulatory information raises some concerns for me. I like to know that the exchange I'm using is operating under proper oversight. The interface is user-friendly, making it easy to navigate and execute trades. On the downside, the liquidity can be a bit low for certain cryptocurrencies, which can result in slower transactions. The customer support is decent, but there were times when it took longer than expected to receive a response. The trading fees are competitive, but I would appreciate more transparency regarding privacy and data protection measures. The deposit and withdrawal speeds were average, nothing exceptional. In terms of stability, I haven't experienced any major issues so far. Overall, LOOPRING has its strengths and weaknesses, and it's important to carefully consider your priorities before deciding to trade on this platform.

Risk Warning

Cryptocurrency exchange investments come with inherent security risks. It is important to be aware of these risks before engaging in such investments. Cryptocurrency exchanges are susceptible to hacking, fraud, and technical glitches, which can result in the loss of funds. It is recommended to choose reputable and regulated exchanges, stay updated on security measures, and be vigilant in detecting and reporting any suspicious activities. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.

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